London, United Kingdom and Tunis, Tunisia – VYZYO, a rapidly growing mobile financial services technology company, today announced that the company’s subsidiary Tunisian Digital Finance for People (TDFP) has signed a partnership agreement with Al Baraka Bank, a prestigious fast growing Bank in Tunisia, to jointly launch and operate a financially and socially inclusive mobile wallet service in Tunisia.
As a first step in the partnership between the two companies, TDFP will deploy VYZYOPay™ as a platform for Al Baraka Bank to offer a mobile wallet service to its customers across Tunisia. VYZYOPay is a state-of-the-art technology platform that enables banks and other financial institutions to offer digital payments and mobile financial services as well as embrace the new wave of digital transformation towards digital and branchless banking.
This new mobile wallet service will initially enable digital payments for government services, mobile transfers, merchant payments and more. Al Baraka Bank’s mobile wallet service will also facilitate the disbursement of government social welfare, health care reimbursements, pension payments, micro-insurance and micro-savings.
Al Baraka Bank’s mobile wallet service will support financial and social inclusion and will be available to all segments of the population in Tunisia, including those with limited or no access to banking services, health care and communications infrastructure. To achieve this, Al Baraka Bank and TDFP will deploy a smart combination of innovative and legacy technologies for digital payments to be processed not only to those with access to web-based services on the Internet or mobile apps running on a smartphone, but also those with older devices or limited connectivity through SMS, USSD and interactive voice technologies.
Al Baraka Bank, TDFP and VYZYO will combine their extensive international expertise and experience to drive the right strategy to develop, launch and promote the new mobile wallet service, especially to the large underbanked and unbanked segments of the population in Tunisia.
“We are proud of this new challenge with TDFP and VYZYO, which supports the national effort of financial inclusion, especially through decashing, which will contribute to fortifying the Tunisian economy and will standardize digital payments,” said Mr. Mohamed El Moncer, CEO of Al Baraka Bank Tunisia. “We strongly believe in this new partnership with TDFP and VYZYO, which will be promising for next projects.”
“This is a wonderful deal for Al Baraka, TDFP, VYZYO and, most importantly, the people of Tunisia,” declared VJ Odedra, Founder and Group CEO of VYZYO and CEO of TDFP. “Al Baraka’s excellent management team driven by the visionary leadership of Mr. Mohamed El Moncer combined with VYZYO’s extensive global experience, full suite of products and services, and passion for deploying solutions that deliver equal opportunities for all will make social and financial inclusion in Tunisia a reality.”
“In parallel, we are confident that our partnership with Al Baraka will create a model blueprint for other financial institutions and service providers to follow,” added Odedra.
About Al Baraka Bank Tunisia
Al Baraka Bank Tunisia is a banking subsidiary of the International Islamic Group, Al Baraka Banking Group. It is the first bank operating in the field of Islamic finance in Tunisia and the Maghreb. In its more than thirty years of existence, Al Baraka Bank Tunisia has managed to establish privileged relations with its clients thanks to its attachment to participatory and partnership values, which advocates the sharing of profits and losses between the contracting parties and prohibits all forms of speculation. In 2021, Al Baraka Bank Tunisia was selected as the Best Islamic Bank in Tunisia by Global Finance and Islamic Finance News magazines. For more information, please visit www.albarakabank.com.tn.
About Tunisian Digital Finance for People
Tunisian Digital Finance for People (TDFP), a subsidiary of the VYZYO Group, is an innovative provider of fintech solutions in Tunisia, specializing in digital payments and mobile financial services. TDFP’s mission is to create a true inclusive digital ecosystem that promotes entrepreneurship, healthcare and education for all. For more information, please email firstname.lastname@example.org.
VYZYO is a rapidly growing provider of platforms and technologies for enabling and operating mobile financial services, digital payments, video on demand, POS and payment solutions, school management software, VAS & VAS aggregation platform, engagement and more. The company is headquartered in London, United Kingdom and has subsidiaries and operations in France, Tunisia, Cameroon, Nigeria, Cote d’Ivoire and Thailand, and works closely with local partners throughout Africa and Asia. VYZYO currently has several licenses and has access to payment provider and mobile money licenses around the world. For more information, please email email@example.com or visit www.vyzyo.com.